The IoT blockchain platform IoTeX officially launched the warm-up phase of the “BurnDrop” (BurnDrop) token mechanism on August 1. As of 9 a.m. on August 1st, the IGNITE Ignite event was launched for only 1 hour, and more than 2,304 voting buckets on the IoTeX mainnet have been pledged for more than 91 days. The total amount of 186,172IOTX on August 1 has been airdropped directly to the voting bucket. The IGNITE event is the testing and warm-up phase of the “Burn-Drop” token mechanism. It lasts for about 4-6 weeks. All voting buckets with pledged votes greater than or equal to 91 days can receive an additional 10% of annual revenue. Coupled with node pledge rewards, IOTX pledge rewards will be up to 20% annualized during the entire event. Event rewards are distributed daily through smart contracts. The “BURN-DROP” mechanism will officially start after the IGNITE warm-up event ends. It is estimated that the airdrop of 1 billion IOTX tokens will be destroyed, a total of 10% of the total tokens will be used to promote the first batch of 1 million smart devices on the chain, from 0 to 1 to start the trusted IoT ecosystem empowered by IoTeX.